![]() There may be a great deal of motivation for the courts to dispose of the property for the benefit of the creditors, which can translate into a good deal for a property investor. Properties in bankruptcy frequently have flaws both physically due to lack of maintenance, and liens of creditors. There are special issues to be considered when dealing with properties that are the subject of bankruptcy. When financing has been secured, and acceptable inspections of the physical condition of the property and the condition of the title have been made, have the title agent and trustee schedule your closing.Once you are satisfied with the inspections, and all other contingencies are assured, have your lender give you a commitment for financing.This is why using a title agent who understands the fine points of bankruptcy and can insure your title is so important. Also, when bankruptcies occur, liens frequently follow. Bankruptcies can present unique problems with respect to title since you will be receiving the deed from the court.Once the trustee or court has signed off on your offer, have professional inspectors give detailed reports on the condition of such things as construction defects, the roof, insect infestations, mold, electrical and plumbing systems, appliances, and heating and air conditioning units.Be certain that your offer contains contingencies such as appraised value, property inspections, clear title, and the financing you will need. ![]()
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